Credit card behemoth Visa has formally announced that it plans to help banks roll out bitcoin and crypto buying and trading services with a Visa crypto software program, which is set to launch later this year.
First Boulevard, a Kansas-based digital bank, will pilot APIs designed to help Visa bank clients integrate bitcoin and other cryptocurrencies. Bitcoin and crypto custodian Anchorage – which last month became the first national US “digital asset bank” – will hold the crypto on behalf of Visa clients. Banks will then be able to let their users withdraw and self-custody their cryptocurrencies.
Visa chief exec Al Kelly explained the company’s strategy at their fiscal first-quarter 2021: “Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”